So about 3 hours ago (12:30am) I received an anonymous text from a claimed buyer stating;"(Address) Ave - $28000 I hope items are still very much in good shape as stated in the Ads?

The cost of acquisition, deeply itemized to make sure you have a real number, acurate analysis of market lot rent potential , and cost of engineering srudies then install or rehab of wells and septic install, cost of new or upgraded electical hook ups,  roads, then the multiple meetings with county zoning and water departments before you even start the rehab.

Cost segregation studies are often performed to isolate and value the individual components so these items can then be depreciated separately over shorter lives.Whether it is worth it from a cost benefit standpoint for SFR's in my opinion is debatable. 

I noted several items that needed attention or cleaning. 

The deal is a percentage of sales lease with a widely known class A franchise in the restaurant/food industry (sale lease back).

Anyway, just food for thought.

I played around with his bid and was able to knock off the $13K I needed based on the items we discussed above.

That said, simple rehab projects if done full time and correctly should expect to have about a week per $10,000 of budget plus an additional week or 2 for clean up, market ready items, misc.

@Jerry ThompsonHere are some of the key items to understand when investing IRA funds in real estate.Determine whether you will invest the IRA(s) directly in real estate, or if you will pool your IRA funds in an LLC which would then own the real estate. 

People don't go to the grocery store or gas station and expect to get food and groceries for free because they're sick.